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Hacker mints 1 quadrillion yUSDT after exploiting old Yearn.finance contract

Published 04/13/2023, 06:53 AM
Updated 04/13/2023, 08:40 AM
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Blockchain security firm PeckShield recently detected a hack that allowed the attacker to mint over 1 quadrillion Yearn Tether (yUSDT) from $10,000 in the latest decentralized finance (DeFi) exploit.

According to the security firm, the hacker then swapped the yUSDT to other stablecoins, allowing them to take hold of $11.6 million worth of stablecoins. This includes 61,000 Pax Dollar (USDP), 1.5 million TrueUSD (TUSD), 1.79 million Binance USD (BUSD), 1.2 million Tether (USDT), 2.58 million USD Coin (USDC) and 3 million Dai (DAI).

PeckShield illustrates the flow of funds from the attack. Source: PeckShield

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